[image credit : Ledger Insights]
Chinese online video broadcasting firm VODone Limited has agreed to acquire provincial Internet lottery operator Beijing Caiwang Bohui Technology Company (BCBTC) Limited for ¥150 million ($24.4 million).
VODone stated that it will now take control of the BCBTC’s Caipiao168.com domain along with the only online and telephone lottery sales platform for the Hebei Province Sports Lottery Administration Center, which is the sixth largest lottery operator in China.
“The purpose of the acquisition is to lay a solid foundation of the company’s strategy of nationwide development layout of lottery-related business and it is believed that the completion of the acquisition will play a very important role to that,” read a statement from VODone.
From January to May, total lottery sales in China grew by 16.3 percent year-on-year to ¥124.963 billion ($20.36 billion) with VODone declaring that the online and telephone lottery sales platform for the Hebei Province Sports Lottery Administration Center is due to play ‘a significant role in the expansion’ of its business.